Disclaimer on Valuation

The Valuation reflects the independent views of the Valuation Agent which is appointed by the Issuer in accordance with the Guidelines for Issue and Listing of Structured Products/ Market Linked Debentures dated September 28, 2011 issued by the Securities and Exchange Board of India, as may be amended from time to time. It is expressly stated that the valuation is not the view of the Issuer or its affiliates. The Issuer has not reviewed the Valuation and is not responsible for the accuracy of the Valuations and shall not be liable for any cost, loss or damage incurred arising from or in connection with reliance on the Valuations. The Valuations provided by the Valuation Agent, and made available on the website of the Issuer and the Valuation Agent do not represent the actual price that may be received upon sale or redemption of the Debentures. They merely represent the Valuation Agent's computation of the valuation which may in turn be based on several assumptions. The Valuations provided by the Valuation Agent may include the use of models by the Valuation Agent (that may be different from the proprietary models used by the Issuer and / or the calculation agent) and consequently, valuations provided by other parties (including the Issuer and / or the calculation agent) may be significantly different.